The vast majority of American adults that are under the age of 65 do not have estate plans in place. Obviously, people usually do not pass away before their time, but it does happen. Estate planning should be looked upon as a basic responsibility of adulthood, and everyone should have a plan in place. It is important across the board, but it is absolutely essential as soon as you have people relying on you for monetary support to one extent or another. You should have an income replacement … [Read more...] about Incapacity Planning is a Must for Young Adults
Within the elder law community, there is a great deal of concern about the apparently burgeoning plague of elder financial abuse. According to a Consumer Financial Protection Bureau report (summarized in an article from the Northern Kentucky Tribune), this problem is on the rise, costing seniors (and their eventual heirs) billions of dollars. The CFPB broadly describes two different types of scenarios that are common within this arena. One of them involves crimes of opportunity. These … [Read more...] about Opportunists, Predators Prey On Elderly
While financial planning can help you to build wealth over time, through the wise management of your resources, and retirement planning focuses on directing a portion of today’s income and assets toward tomorrow’s needs, your estate plan must to bring these strategies together in a comprehensive way. A well thought out estate plan can preserve and distribute the wealth, you have worked so hard to accumulate, to the next generation and beyond. Everything doesn’t work out automatically You may … [Read more...] about Charlotte Residents Can Benefit From Early Estate Planning
When the subject of estate planning arises, most people just think about the financial component. Indeed, it is important to clarify your final wishes for your assets and execute the appropriate documents to direct the transfer of assets to your loved ones after your death. But a estate plan must also consider how your family will care for you if you are incapacitated and unable to communication. A critical part of this planning is a living will. If you were following the news cycle during … [Read more...] about Have You Executed A Living Will?
When you are going through day-to-day life as a healthy adult, the incapacity planning can seem utterly irrelevant. Of course, we all know that people sometimes suffer debilitating injuries or illnesses, but it still seems unlikely to occur. While this line of thinking is understandable, comprehensive estate planning is important for all responsible adults. Here, our Ashland estate planning attorney will explain the benefits of including a power of attorney. Planning for possible incapacity … [Read more...] about Ashland Estate Planning Attorney Explains the Benefits of a Power of Attorney
If you want to be truly prepared for the eventualities that you may face during the latter portion of your life, you should understand some facts about Alzheimer's disease, dementia, guardianship, and long-term care costs. In this post we will provide some clarity so that you can go forward in an informed manner. Ubiquity of Alzheimer's Disease The widespread nature of Alzheimer's disease is alarming. The Alzheimer's Association website is a good source of information about this disease. … [Read more...] about Incapacity Planning for Guardianship Prevention
When you execute a power of attorney, you name an agent or attorney-in-fact. This person would be able to act as your representative. Your agent could handle your affairs, and if you grant a general power of attorney, the agent could do just about anything that you could do for yourself. A power of attorney would automatically end or terminate at the time of your death. Incapacity Planning We practice in the estate planning and elder law realm. In our area of the law, durable powers of … [Read more...] about Does a Power of Attorney End at Death?
People often go through life without planning ahead for the eventualities of aging. When you are younger, it can be hard to imagine a time when you will not be capable of doing everything that you can do right now. Plus, there are some possibilities that are simply not very pleasant to consider, so people may avoid these subjects. At the same time, difficult situations can be that much worse if you are completely unprepared. With this in mind, let's look at the value of incapacity … [Read more...] about Is Incapacity Planning Really Important?
A comprehensive estate plan will cover all of your bases. You certainly want to make sure that you leave inheritances to your loved ones in the appropriate manner. At the same time, you should also address the medical contingencies that you may face toward the end of your life. This is done through the creation of legally binding documents called advance directives for health care. Living Will One advance directive for health care that everyone should have is a living will. We have all heard … [Read more...] about What Are Advance Directives for Health Care?
In the legal field, powers of attorney are used for various purposes. With a power of attorney, you name someone to act on your behalf in a legally binding manner. The anatomy of a power of attorney involves the grantor or principal, who is the person granting the power. In the power of attorney the grantor names an agent or attorney-in-fact. This is the person who can act on behalf of the grantor. There are different types of powers of attorney. General powers of attorney are used to give the … [Read more...] about Why Do I Need a Power of Attorney?